Xi’s article on boosting China’s financial strength published

An article by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on following the path of financial development with Chinese characteristics and boosting China’s strength in finance was published on Sunday.

The article by Xi, also Chinese president and chairman of the Central Military Commission, was published in this year's third issue of the Qiushi Journal, a flagship magazine of the CPC Central Committee.

China’s financial development with Chinese characteristics not only follows the path of the development of modern finance, but also has distinctive features that suit China's national conditions, which is different from the Western financial development model, according to the article.

It notes that a financially robust country should be based on a strong economic foundation, possessing world-leading economic, scientific, technological and overall national strength.

The country should also have a series of key core financial elements, such as a strong currency and central bank, robust financial institutions and international financial centers, solid financial supervision, and a high-caliber team of financial talent, the article says.

To strengthen China’s financial capabilities, it is essential to accelerate the building of a modern financial system with Chinese characteristics, the article says. It urges efforts to establish and improve a scientific and prudent financial regulation system, a reasonably structured financial market system, a financial institution system with division of tasks and collaboration, a complete and effective financial oversight system, a diversified and professional financial goods and services system, and an independent, controllable, safe and efficient financial infrastructure system.